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LA Lakers have just signed a $100 million contract with their new shirt sponsor, the South Korean food company Bibigo.
The team itself revealed that the Lakers have a new sponsor for the 2021-22 season, which will bring in 100 million dollars in revenue. Bibigo replaces the team’s previous sponsor, Wish, the e-commerce platform.
LeBron, the first to wear it
And the Lakers made it official on Twitter, announcing “We´re proud to introduce our new patch partner and first-ever global marketing partner”. The message included a picture of King LeBron James wearing the new jersey.
The logo and name of the new brand will be placed on the left shoulder of the team’s game jersey. Apart from the jersey, Laker’s marketing will extend onto the court with courtside branding and other marketing campaigns.
In an effort to support the Los Angeles community, the Lakers and Bibigo will also collaborate on numerous community initiatives. These will range from art to athletics.
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Five years contract
According to Los Angeles Times, the Lakers’ new contract with Bibigo will be for five seasons. The team will receive $20 million per year. This means an increase of between 6 and 8 million more than what the previous sponsor Wish used to pay them.
It’s not surprising the Lakers, one of the NBA‘s biggest markets are the team to reach such a deal. The enormous weight of the LeBron James team, apart from national NBA broadcasts, its social media presence, as well as its international reach, made Bibigo be their first-ever global marketing partner.
But this deal would not have been achieved without the recent change in NBA rules, that now allow such global partnership agreements. And from now on, it is sure that this will attract more other teams’ interest.
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